This website is for Private Investors* only

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;

Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;

Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;

Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;

Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;

Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

Market Report

Companies

Currencies

CMA calls for new powers to curb profiteering

The UK competition watchdog has asked the government to consider bringing in emergency powers to help it successfully tackle profiteering during the Covid-19 pandemic.

The Competition and Markets Authority has told the government that “emergency, time-limited legislation” would enable it to pursue retailers that are bumping up prices.

The Financial Times said that chief executive Andrea Coscelli had told the Department for Business, Energy and Industrial Strategy: “Consumer and competition law are not really designed for emergencies.

“Part of our role is to use everything we have, but if there are gaps, to explain to the government what those gaps are. Ultimately though it’s for the government and parliament to decide.”

The CMA has received 21,000 complaints between 10 March and 19 April relating to coronavirus. The average price hike across all reports was 130%, while the average price of hand sanitiser spiked 367%.

The BBC said that Trading Standards had also received a “high volume” of complaints about price gouging during the pandemic.

In a statement, the CMA said: “Our Covid-19 taskforce continues to scrutinise reports of potentially harmful sales practices, including inflated price rises. The vast majority of businesses are doing the right thing, but where there is evidence that firms may have broken the law, we’ll be using our existing powers to the maximum possible extent.

“We’ve already written to hundreds of business asking them to explain their inflated prices, and what we find out will help us decide whether and where we can take further action.

“Along with our existing powers, we have also advised the government on options for emergency, time-limited legislation that could give a better chance of dealing with this type of problem.”